He indicated that the Government could act if access to European Investment Bank and European Investment Fund money was cut off by Brexit.

“We have a strong and mutually beneficial relationship with the European Investment Bank and the European Investment Fund,” he said.

“We are exploring with them whether that relationship can survive our departure from the EU, there are some technical challenges.

“But I want to reassure you that if we can do a deal that allows the EIB, the EIF to continue lending into the UK then we will.

“But if we can’t the British Business Bank stands ready, willing and able and the Government stands ready to capitalise it to enable it to step into the EIB/EIF’s shoes.”

We’re delighted to announce that @TechCityUK and @TechNorthHQ will become #TechNation - expanding our reach across the UK from a series of standalone tech hubs into one powerful network - aided by a further £21m funding over 4 years.

He added that he was “hugely excited” by the potential for artificial intelligence to change the way government works.

“Lots of what government does is absolutely ripe for artificial intelligence,” he said.

Ahead of the summit the Government set out a £60 million package of support for the tech industry and announced plans to double the number of visas available for “exceptionally” talented migrants to work in the digital sector, sciences or the arts.